Latest UK House Price Index

The UK House Price Index indicates a slight decrease of 0.2% in house prices between February 2023 and February 2024. However, on a seasonally adjusted basis, average house prices increased by 0.7% between January 2024 and February 2024. House prices experienced varying changes across different regions and countries of the UK during the same period. The fastest growth was observed in Scotland, the North East, and Northern Ireland, although Northern Ireland’s data is measured over a different period. Conversely, house prices saw the steepest declines in London, the West Midlands, and the South East.

Mortgage approvals for house purchases, a leading indicator of house sales, reached a record low in May 2020 due to the lockdown but increased significantly towards the end of 2020. In February 2024, mortgage approvals were up 40% compared to a year ago and up 8% compared to January 2024, with a total of 60,383 approvals, compared to 43,207 in February 2023.

Regarding housing starts and completions, there was a sharp decline in Q2 2020 due to the coronavirus lockdown, but they have since rebounded. In Q4 2023, there were 19,080 house building starts in England, a 10% decrease compared to the previous quarter and a 51% decrease compared to Q4 2022. This decline is attributed to house builders accelerating project starts to avoid compliance costs with new building regulations introduced in June 2023. House building completions in England in Q4 2023 remained largely unchanged from the previous quarter but decreased by 15% compared to the same quarter in 2022, with 39,650 completions.

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